Attention all you candy freaks! Looks like it's time to start pinching your pennies. This morning Hershey Co. said that it will raise the prices of its candy bars.

The price raise is being pinned on the rising cost of milk and cocoa, and Hershey is defending the decision by stating that its products contain more milk and cocoa than competitors. Hershey spokesperson Kirk Saville said:

"While we have no way of knowing what others are thinking, or what their cost situation is, we do know that within the category our products include far more pure milk chocolate and solid chocolate than our competitors."

For a while, Hershey was looking into changing its formula to lower milk usage. However Saville had no comment on whether or not Hershey's is still planning to go down this route.

The price increase will be effective immediately, and it will be about a 3 percent increase across a third of its US candy line. How does this make you feel? Will you still purchase Hershey's candy, or will a price increase make you think twice?